KingoftheCove
Sunday, February 17, 2019 10:57:37 PM
Hmmm.......her full retirement age is 67 ...........looks like she only has to keep me alive until I’m 80........ha!
bs_kwaj
Monday, February 18, 2019 3:29:26 AM

Reminds me... I'll be 65 this year and need to sign up for medicare.

Isn't signing up for medicare intertwined somehow with Social Security.

My full retirement age is 66, so I won't start collecting SS at least until then... and then not until I retire and no longer have an income. At least, that's as far out as I have thought about it so far.

🍺

Gene363
Monday, February 18, 2019 11:17:31 AM

Reminds me... I'll be 65 this year and need to sign up for medicare.

Isn't signing up for medicare intertwined somehow with Social Security.

My full retirement age is 66, so I won't start collecting SS at least until then... and then not until I retire and no longer have an income. At least, that's as far out as I have thought about it so far.

🍺

bs_kwaj wrote:

Yes and you can do it online.

delta1
  • delta1
  • Herf-A-Holic Topic Starter
Monday, February 18, 2019 9:22:43 PM

just repeating what I've been told, but I thought 66.5 was when one gets the max.

frankj1 wrote:

there is a table at the SS website that lists the full retirement age, which varies depending upon the year of your birth...for me, born in 1953, full retirement age is 66...

if you were born in 1957, your full retirement age is 66 and 6 months...it goes up two months for each year thereafter and maxes at 67 for those born after 1960...

https://www.ssa.gov/planners/retire/ageincrease.html 

not sure when the full retirement age will be raised to 70...

frankj1
Monday, February 18, 2019 9:37:42 PM
hmmm...1953 for me too
deadeyedick
Tuesday, February 19, 2019 8:42:28 AM

there is a table at the SS website that lists the full retirement age, which varies depending upon the year of your birth...for me, born in 1953, full retirement age is 66...

if you were born in 1957, your full retirement age is 66 and 6 months...it goes up two months for each year thereafter and maxes at 67 for those born after 1960...

https://www.ssa.gov/planners/retire/ageincrease.html 

not sure when the full retirement age will be raised to 70...

delta1 wrote:

I think the retirement age should have been indexed to keep pace with longevity tables. If it had SS would not be going negative in future years.

tonygraz
Tuesday, February 19, 2019 8:43:14 AM
I had a 1953 Ford.
plinytheelder
Tuesday, February 19, 2019 2:18:24 PM
Here:

https://www.ssa.gov/OACT/quickcalc/index.html 

Put the numbers in and get an idea how much difference there is in SS benefits.

Remember, if you take it early instead of waiting, only the difference between the two amounts is what is used to determine how long it will take until you break even.

gummy jones
Tuesday, February 19, 2019 2:41:00 PM
wait and then max if you can
dstieger
Tuesday, February 19, 2019 3:17:35 PM
That's what I always thought, gummy.

But....just heard today about coworker in late 40s who died of heart attack. Third friend in the last year, who went before 63....all with zero warning that I was aware of. ..smoke em up, guys

Ram27
Tuesday, February 19, 2019 3:33:00 PM

had to lol on that one...

I'll be able to afford what you smoke...hah...

Thanks for all the input guys...I was leaning towards Palama's thoughts, since my Dad and all my brothers died at ages younger than I am now...and it would be nice to have more spending money to enhance an already comfortable, for us, lifestyle...

but I took a health survey on the Kaiser Permanente personal health manager website that considers all the personal health factors, risks and benefits I have, and it concluded I'd live to 87, which is almost 7 years beyond the break even age of 80 yrs + few months...

If I waited to age 70 to start collecting my SS, my annual benefit would be about $10K more, meaning I could leave as much as $70K on the table...

but because my wife worked as a public school teacher and did not pay into SS, and she is collecting a retirement pension which is greater than my SS benefit, she will not get any survivor benefits from me due to the Govt Pension Offset...

but I do appreciate all the advice about murky and unpredictable futures...guess I'll apply on my 66th BD...thanks all...

delta1 wrote:

👍 IMHO you are correct, enjoy it while you can.

deadeyedick
Tuesday, February 19, 2019 4:57:42 PM
The question is: Do you feel lucky...... well, do you punk?

The wifey does so she is going to wait until 70. My family tree is mixed so I'm taking mine.

gummy jones
Tuesday, February 19, 2019 7:30:16 PM
#30 scary stuff. There are no grantees in life other than death.

I had a colleague die a couple years ago who was a great dad, in great shape and in the prime of a very successful career. He was 37 at the time. Talk about a wake up call.

gummy jones
Tuesday, February 19, 2019 7:33:50 PM
If you want to get the absolute most out of the program that you can then definitely take social security now. But if you can wait it is likely that someone on a fixed income would appreciate a larger monthly check. The average person tends to budget based on what they actually have coming in.

You obviously need to also take into account income from other sources at varying stages of your life.

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